Free Trial
HUNGARY

Gas Reserves At 51.34% Of Capacity

SONIA

Call fly buyer

FOREX

USD is in the green ahead of the NFP

BONDS

World awaits the US NFP release

EQUITIES

Holding Pattern Ahead Of Payrolls

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Spot USD/PHP Operates Near 17-Year Highs, Weekend News Flow Adds Little New

PHP

Spot USD/PHP soared to its highest point since 2005 on Friday as Bangko Sentral ng Pilipinas ruled out intervening in support of the currency, noting that it only steps in to curb excessive volatility.

  • Cited remarks from incoming Gov Medalla prompted participants to dump the currency, with the peso facing headwinds from Fed tightening & the Philippines' "twin deficits" (current account & budget balance).
  • Spot USD/PHP last deals at -0.052 at PHP54.938, with the RSI firmly in overbought territory. Bears look for a sell-off past PHP54.000 to get some initial reprieve. Bulls need a clearance of PHP55.000 before targeting the area around PHP 55.900, which capped gains in mid-Oct 2005.
  • USD/PHP 1-month NDF last +0.100 at PHP55.050. Topside focus falls on Friday's high of PHP55.080, followed by Nov 21, 2005 high of PHP56.000. Bears look for a pullback under the PHP54.000 mark.
  • Bank lending data is expected to hit the wires in the coming days, ahead of the release of S&P Global M'fing PMI on Friday.
162 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

Spot USD/PHP soared to its highest point since 2005 on Friday as Bangko Sentral ng Pilipinas ruled out intervening in support of the currency, noting that it only steps in to curb excessive volatility.

  • Cited remarks from incoming Gov Medalla prompted participants to dump the currency, with the peso facing headwinds from Fed tightening & the Philippines' "twin deficits" (current account & budget balance).
  • Spot USD/PHP last deals at -0.052 at PHP54.938, with the RSI firmly in overbought territory. Bears look for a sell-off past PHP54.000 to get some initial reprieve. Bulls need a clearance of PHP55.000 before targeting the area around PHP 55.900, which capped gains in mid-Oct 2005.
  • USD/PHP 1-month NDF last +0.100 at PHP55.050. Topside focus falls on Friday's high of PHP55.080, followed by Nov 21, 2005 high of PHP56.000. Bears look for a pullback under the PHP54.000 mark.
  • Bank lending data is expected to hit the wires in the coming days, ahead of the release of S&P Global M'fing PMI on Friday.